New Venture Fund to Support Central Asian IT Startups

ASTANA – The Qazaqstan Investment Corporation (QIC) private equity fund and the United Kingdom’s Sturgeon Capital management company agreed to establish the Sturgeon Emerging Opportunities II LP venture fund, reported the company’s press service on Feb. 14.

Photo credit: Qazaqstan Investment Corporation.

The fund will provide financing to Central Asian IT startups at pre-seed, seed, A, and B stages. The fund invests in fintech, software, business products and services sectors.

“Attracting foreign investment to Kazakhstan is one of the key objectives of QIC. We anticipate that partnering with Sturgeon Capital will attract institutional investors and major private foreign investors to the fund,” said the Chairman of the Board of QIC Yerbolat Zholat.

Chairman of the Board of Sturgeon Capital Kiyan Zandiyeh emphasized the development of Kazakhstan’s venture market.

“We are pleased to welcome the Qazaqstan Investment Corporation as our partner. The venture capital market in Kazakhstan is widely developing and our cooperation will give it an additional boost. Moreover, Kazakhstan is the entry point to the Central Asian market and we will be glad to consider promising projects in the region,” said Zandiyeh.

Sturgeon Capital is an investment management company headquartered in the U.K. Since 2006, it has been managing investment funds, offering investment strategies and consulting services.

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